To study the current innovations and their effects on the maritime industry

With the intensive competition, regulation, increase Corporate Social Responsibility (CSR) as well as market differentiation innovations arise to become one of the many key success factors of companies. The report focuses on key innovations brought about by mega containerships and environment regulations that have the greatest impact on the maritime industry due to the Pareto principle. As few studies have investigated into recent innovations and their effects on the maritime industry, the study investigated (1) recent innovations in fields of ships, ports, legal, IT and logistics, (2) their effects and challenges, and (3) effects of key innovations on shipping companies, port operators, economy, employment and environment. The study adopted a qualitative methodology using interviews, library and online articles, studies and surveys to consolidate the different insights from key figures in the industry. The findings from the research reveal that the most impactful recent innovations are caused by mega containerships and environment regulations. Firstly, my paper intends to focus on revolutionary innovations brought about by mega containerships. Based on some interviews conducted, there is an overall positive implication of the innovations brought about by mega containerships. In addition, they help shipping companies to manage capacity. Furthermore, port operators have to make considerations for port infrastructure upgrade, especially transhipment ports due to increased importance of transhipment and participate in Joint Venture (JV). One major positive implication is Economies of Scale (EOS) which reduces costs and increases global maritime trade. One major negative implication is water and air pollution and ecosystem, natural habitat and aquatic resources destruction. Secondly, in order to overcome challenges of meeting environmental regulations requirements, innovations have been developed to make the port greener in terms of Green Port Initiatives (GPI) and to supply LNG using proper refuelling facility in terms of LNG-infrastructures including Floating Liquefied Natural Gas (FLNG) terminals. Based on some interviews conducted, there is an overall positive implication of the innovations brought about by environmental regulations. In addition, these innovations resulted in shipping companies to employ LNG in the long term, increase freight rates due to the alternative fuels surcharge and invest in green ships due to GPI. Port operators have to provide LNG-bunkering services and make considerations upgrade port infrastructure. One major positive implication is reduced carbon emission. One major negative implication is high costs. This research can help companies to make investments in current innovations to which is in line with companies’ specific objective and match companies’ specific needs. Furthermore, companies will be more aware of the revolutions and evolutions in current innovations and impacts of such innovations so that improvements and modifications can be made when making investments in current innovations with this study.Bachelor of Science (Maritime Studies